The Indian Economy is the fastest growing in the world. It is expected to grow at a rate of 7.5% this fiscal and could cross 8% in 2016-17. The expansion of the services sector is expected to be the main impetus driving economic growth in India. This rapid economic growth has entrepreneurs scrambling for new innovative ideas. Before you start a new business, it is pertinent that you understand the market you are operating in.
Changing Indian Economy
Until a decade ago, India’s economy used to be primarily an agrarian economy with more than 80% of its labor force being employed in agriculture and allied activities. This has changed over the years, the services sector now contributes to 52% of India’s GDP. The services sector is expected to grow by 10% annually. This means many more jobs and opportunities are going to open up in this sector in the coming decades.
Take for example Amazon which is the world’s largest online retailer. Did you know Amazon plans to invest more than Rs 30,000 Crore over the next few years to build a supply chain in India. This supply chain once ready will cater to the needs of its consumers in India. As a result of these investments, thousands of new jobs will be created overnight. Thus the services sector represents a huge opportunity for Indian Entrepreneurs.
Today, you can earn money through online and offline means We had previously written about many such part-time and small business ideas. You can evaluate them at the links given below:
- Online Business Ideas For 2016
- Small Business Ideas for Cities
- Startup Ideas With Low Investment
- Innovative Services in India
10 Ideas that can make you a Millionaire within a Decade
1. Event Management
As an event manager, you will be in charge of ensuring events are hosted without any glitches. Wedding Planners can earn up to Rs 1 Lakh per wedding and it has emerged as the most sought after vertical among event managers. Event managing is a fairly new concept in India and has grown exponentially over the last decade. Other events that require managers are music concerts, political rallies, and birthday parties. There is a high demand for event managers in the cities of Mumbai, Delhi, Bangalore, and Pune.
2. Blogging
As a blogger, you are expected to exhibit authority over your written language and topic. Bloggers can write articles on different niches like Travel, Work, Technology, and Personal Finance. Several bloggers in India are earning up to Rs 5 Lakh every month through their blogs. Inspired by their online earnings, legions of followers have also started their own blogs.
3. E-Book Publishing
Websites like Amazon make it very easy to publish your books online. An e-book can be sold online for amounts starting from US$ 1. Many authors no longer publish physical books and have instead opted to release them as e-books. Self Publishing is a fast-growing phenomenon and has catapulted hitherto unknown authors on to the global stage.
4. Security Services
India is home to the largest number of new millionaires after China. With newfound affluence and wealth comes security fears. Providing security to the high and mighty is a growing business. You can also try your hand at manufacturing and selling security peripherals like security cameras and motion sensors.
5. Online Laundry
India is going through a phase where physical enterprises are moving to the virtual world. Online laundry services were recently launched in the Bangalore and the NCR region to widespread adoption. Indian consumers are now willing to try online services even if you charge them a premium. Providing Laundry services at the customer’s doorstep is a fad that is here to stay.
6. Elderly Care
India has a population of around 100 million elderly at present and their number is expected to increase to more than 300 million by 2050. Senior Citizens have varied needs which have only now caught the eye of service providers. As a startup providing elderly care services you will need to conduct a thorough assessment of their different needs before you launch your service.
7. Medical Tourism Consultant
Medical Tourism is a US$ 3 billion market and is expected to grow to US$ 8 billion by 2020. As a consultant, you will liaison with prospective patients from abroad looking for cheap alternative treatments in India. Chennai, Bangalore, and Mumbai are the top three destinations for inbound tourists. More than 3 Lakh foreign patients opted for treatment in 2014.
8. Real Estate Broker
All of us have at some point or the other approached a broker with the intention of renting out an apartment. Now with the advent of online real estate portals, brokering has gone online. Brokers now list their properties online and expand their reach to new segments. Brokers earn commissions ranging from Rs 1 Lakh onward for the sale of land. In the case of rentals and leases, they earn Rs 20,000 onwards for every deal that is concluded.
9. Business Consulting
If you are an experienced professional with many years of experience in running a business, you can double up as a business coach. As a coach, you will be helping new startups hone their business models and launch their products. Business coaches are in high demand as Startup India has created a new wave of entrepreneurs who are keen to hire experienced professionals. This is a highly rewarding experience as you can watch businesses grow and prosper.
10. Competitive Gaming
As a competitive gamer, you will be participating in video game tourneys. Your main source of income will be the prize money. You can also earn virtual cash in different games and convert them into real money. In many countries like the US and China, gaming is a viable career option. Gaming is a multi-billion dollar industry and the introduction of Oculus and Wearables will radically alter the sector in the coming years.
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